In the first two months of 2026, public investment disbursement in Vietnam reached just 5.6 percent of the annual plan, with dozens of ministries, agencies and localities reporting rates below the national average, including 25 units that have disbursed less than 1 percent or have yet to disburse funds.

According to the Ministry of Finance, under the Public Investment Law and resolutions of the National Assembly and Government, the Prime Minister has assigned a state budget investment plan for 2026 to ministries and central agencies totaling more than VND995 trillion (US$40.6 billion), about VND93 trillion (US$3.8 billion) higher than the 2025 plan.

Of this amount, central government budget capital accounts for more than VND345 trillion (US$14.1 billion), while local government budget capital exceeds VND650 trillion (US$26.5 billion).

Local authorities have also allocated an additional VND12.932 trillion (US$528 million) in balanced local budget capital beyond the plan assigned by the Prime Minister, based on updated data at the time of reporting.

Regarding disbursement progress, the Ministry of Finance reported that from the beginning of the year to February 28, more than VND55.739 trillion (US$2.27 billion) had been disbursed, equivalent to 5.6 percent of the plan assigned by the Prime Minister.

Of this total, central government budget capital accounted for VND10.178 trillion (US$415 million), equivalent to 2.9 percent of the plan, while local government budget capital reached more than VND45.561 trillion (US$1.86 billion), or 7 percent.

Compared with the same period in 2025, the disbursement rate is similar in percentage terms but higher in absolute value by more than VND10.928 trillion (US$446 million).

By the end of February 2026, six ministries and central agencies and 14 localities had achieved disbursement rates at or above the national average.

These include the Vietnam Bank for Social Policies, the Vietnam Expressway Development Investment Corporation, the Ministry of Justice, the Ministry of Industry and Trade, the Supreme People’s Procuracy, the Ministry of Public Security, Dien Bien, Lai Chau, Hai Phong, Lang Son, Ho Chi Minh City, Ha Tinh, Ca Mau, Gia Lai, Hanoi, Thai Nguyen, Can Tho, Khanh Hoa, Ninh Binh and Da Nang.

Meanwhile, 29 ministries and central agencies and 20 localities recorded disbursement rates below the national average.

Among them, 25 ministries and agencies have disbursed less than 1 percent of their assigned plans or have not yet begun disbursement.

The Ministry of Finance noted that 2026 marks the first year of the medium-term public investment plan for 2026-2030, which features the largest volume of public investment capital ever recorded in Vietnam.

This has increased pressure on public investment disbursement.

Several factors that affected disbursement in 2025 are expected to persist this year, including difficulties in compensation and site clearance, shortages in construction material supply and potential price fluctuations as many major projects begin simultaneously, as well as unpredictable weather conditions.

At the same time, 2026 is also a transitional year in terms of institutional frameworks, with many new legal documents taking effect from January 1. The implementation of these new mechanisms and policies may initially create certain difficulties and obstacles.

Data from the Ministry of Finance also show that state budget revenue in the first two months of the year reached VND601.3 trillion (approximately US$24.6 billion), equivalent to 23.8 percent of the annual estimate and up 13.1 percent compared with the same period in 2025.

Domestic revenue accounted for VND558.1 trillion (US$22.8 billion), equivalent to 25.4 percent of the estimate and rising 15 percent year-on-year.

Revenue from crude oil reached about VND5.1 trillion (US$208 million), equal to 11.9 percent of the estimate and down 42.2 percent compared with the same period last year.

Meanwhile, revenue from import-export activities reached VND38 trillion (US$1.55 billion), equivalent to 13.7 percent of the estimate and up 1.2 percent year-on-year.

Total state budget expenditure in the first two months of the year is estimated at VND311 trillion (US$12.7 billion), equivalent to 9.8 percent of the annual estimate and up 11 percent compared with the same period in 2025.

Nguyen Le